Photo by George Demeter

Notice of Public Hearing - GO Bonds for Dam Restoration

The City of Boiling Spring Lakes Board of Commissioners has called for a public hearing at 6:30 p.m. on August 2, 2022, related to the following bond order. Further information regarding the hearing appears at the end of this notice. 

BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR DAM RESTORATION IN THE MAXIMUM AMOUNT OF $20,000,000, SUBJECT TO VOTER APPROVAL

INTRODUCTION

The Board of Commissioners of the City of Boiling Spring Lakes, North Carolina, has stated its proposal to issue general obligation bonds to pay capital costs of providing dam restoration improvements.

The City has applied to the North Carolina Local Government Commission for its approval of such bonds, and the Commission has accepted the City’s application.

BE IT ORDERED by the Board of Commissioners of the City of Boiling Spring Lakes, North Carolina, as follows:

1.            There are hereby ordered to be issued general obligation bonds to pay capital costs of dam restoration, including without limitation acquisition and construction of dam structures, construction and improvement of water storage areas, diversionary channels, drains, catch basins and other related facilities; repair and restoration of related property, including roadways in the vicinity of the dams; and other related facilities for the drainage, management, and treatment of storm water; and including the acquisition of land or interests in land, all engineering, design and permitting costs for these and related purposes, together with related financing and other necessary or incidental costs. 

2.            The maximum aggregate principal amount of the bonds issued for such purpose will be $20,000,000.

 3.            Taxes will be levied in an amount sufficient to pay the principal of and interest on the bonds so issued.

4.            A sworn statement of debt prepared by the City's Finance Officer has been filed with the City Clerk and is open to public inspection.

5.            This Bond Order will take effect when approved by the City’s voters in the manner provided by law.

The foregoing order has been introduced and a sworn statement of debt has been filed under the Local Government Bond Act showing the appraised value of property in the City of Boiling Spring Lakes, North Carolina, to be at least $574,677,814.00 and the net debt of the City, including the proposed bonds, to be not more than $24,689,474.00.  The City of Boiling Spring Lakes finance officer has filed a statement estimating that the total amount of interest that will be paid on the bonds over the expected term of the bonds, if issued, is $16,408,235.00. This estimate is preliminary, is for general informational purposes only, and may differ from the actual interest paid on the bonds.

A tax will be levied to pay the principal of and interest on the bonds if they are issued.

Anyone who wishes to be heard on the questions of the validity of the bond order and the advisability of issuing the bonds may appear at a public hearing or an adjournment thereof to be held at 6:30 p.m. (or as soon thereafter as the matter may be heard) on August 2, 2022, in the Board’s usual meeting room, 9 East Boiling Spring Road, Boiling Spring Lakes, North Carolina 28461.

Persons wishing to make written comments in advance of the hearing or wishing more information concerning the subject of the hearing may contact Suzanne Tungate, Finance Officer, City of Boiling Spring Lakes, 9 East Boiling Spring Road, City of Boiling Spring Lakes, NC, telephone (910) 363-0025, email stungate@cityofbsl.org. By order of the Board of Commissioners.  Nancy Sims, City Clerk